Indeed, the latest report from the Scale-Up Institute shows that high growth or scale up
businesses (which are defined as those firms growing their employment numbers and/or turnover by more than 20% a year over a period of three years, with at least 10 employees at the start of the period) are making a significant contribution to the UK economy.
Stuart Brown, Head of SME Scotland at Barclays said: 'Aberdeen has a wealth of businesses and entrepreneurs with ambitions, ideas and deep technical expertise who need access to the right resources and advice to help them start up and scale up
. Opportunity North East and CodeBase share our vision for boosting economic prosperity and diversification through innovation and entrepreneurship.
Successful start-ups require team spirit and getting the right people and creating the right environment is the key to successful scale ups
. In addition to this, forging long term partnerships with investors, who also think of themselves as mentors, is also pivotal for young entrepreneurs aiming to scale up
Angel investors support entrepreneurs in starting up, and they support SMEs as they scale up
their businesses, creating hundreds of thousands of new jobs worldwide every year.
Our collective ambitions for Scotland is to become a virtuous economy, where entrepreneurs are encouraged to focus their entrepreneurial potential to create, build and scale up
inclusive, high-growth businesses to deliver maximum economic and societal impact.
That is why, according to the Scale Up
Institute (a UK body dedicated to advancing understanding of how to scale up
a business) the development of peer-to-peer networks are becoming increasingly important for the founders of growing businesses.
In addition to this, forging long-term partnerships with investors, 'who also think of themselves as mentors' is also pivotal for young entrepreneurs aiming to scale up
"The Jordanian market has the right talent and infrastructure to scale up
, but the economic ecosystem is still not sophisticated enough to unleash growth," according to analysts from Endeavor Jordan and Strategy & Middle East (formerly Booz & Company).
The fundamental concepts of the BEEP include the following points: Entrepreneurship, Scale up
, Formation of an Entrepreneurship Ecosystem, Involvement of stakeholders, Demonstration effect and Spillovers (Isenberg, 2016).
We should be particularly concerned about the numbers of emerging entrepreneurial businesses that could scale up
but instead get acquired.